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Acadia Pharmaceuticals(ACAD - Get Report) is a biopharmaceutical company focused on small molecule drugs that address unmet medical needs in neurological and related central nervous system disorders. This stock closed up 11.2% to $2.76 in recent trading.
Thursday's Range: $2.53-$2.83
52-Week Range: $0.93-$2.84
Volume: 3.2 million
Three-Month Average Volume: 868,275
Shares of ACAD skyrocketed higher after Roth Capital said a recent article in the journal
Schizophrenia Research could increase use of ACAD's pimavanserin as an off-label schizophrenia treatment. The firm said the changes made to the current study of the drug compared with previous studies should cause it to yield better results.
From a technical perspective, ACAD exploded to the upside right around some near-term support at $2.40 with massive upside volume. This move has now pushed ACAD within range of triggering a major breakout trade. That trade will hit once ACAD manages to clear some near-term overhead resistance at $2.84 with high volume.
Traders should now look for long-biased trades in ACAD as long as it's trending above $2.53, and then once it sustains a move or close above $2.84 with volume that hits near or above 878,275 shares. If that breakout triggers soon, then ACAD will have an excellent chance of re-testing or possibly taking out its next major overhead resistance level at $3.30. If that $3.30 level gets taken out with volume, then this stock could easily spike north of $4 in the near future.
To see more stocks under-$10 that are making notable moves higher today, check out the
Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.